IRVINE, Calif., March 14, 2013 /PRNewswire/ -- AtheroNova Inc. (OTCBB: AHRO), a biotech company focused on the research and development of compounds to safely regress atherosclerotic plaque and improve lipid profiles in humans, today announced that Dr. Giorgio Zadini, one of the Company's co-founders, has transferred certain of his holdings (including shares inherited from his brother and co-founder, Dr. Filiberto Zadini, who passed away in February 2011) in connection with his retirement from all business activities.
The completed transactions were concluded with investors who invested in the Company's recent private placement offering as well as other long-term investors, some of whom have participated in several financings of the company since the 2010 reverse-merger. Dr. Zadini also gifted certain shares to family members and close associates. These transactions have aligned the company's ownership to those who are interested in the long-term development and operations of AtheroNova.
In conjunction with these transactions, lockups, ranging from 6 to 18 months, of all shares involved, including all of Dr. Zadini's remaining holdings, are in place, removing any significant liquidity from these shares for the upcoming period of transition from a pre-clinical to a clinical stage company.
"We are pleased that Dr. Zadini has completed these transactions and wish to thank him for all of his fine work in the incubation of AtheroNova," stated Thomas W. Gardner, AtheroNova's CEO. "His contributions, as well as those of Filiberto, were instrumental in giving the Company its technology base needed for the milestones we have achieved. We expect the appointment of a new head to the Scientific Advisory Board in the next few weeks to fulfill the role previously held by Dr. Zadini."
AtheroNova Inc., through its wholly-owned subsidiary, AtheroNova Operations, Inc., is a biotechnology company focused on the discovery, research, development and licensing of novel compounds to reduce or regress atherosclerotic plaque deposits and to safely improve lipid profiles in humans. In addition to its lead compound AHRO-001, AtheroNova plans to develop multiple applications for its patents-pending therapies in market sectors that include: Cardiovascular Disease, Stroke, Peripheral Artery Disease, Dementia and Alzheimer's and Erectile Dysfunction, all of which have been linked to atherosclerosis. Atherosclerosis and its related pharmaceutical expenses for these indications cost consumers more than $41 billion annually in the United States alone. For more information, please visit www.AtheroNova.com.
Forward-Looking Safe Harbor Statement
Statements in this news release regarding the Company's long-term development and operations, and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "will," "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements including, limited operating history, need for future capital, and economic conditions generally. Additional information on potential factors that could affect results and other risks and uncertainties are detailed from time to time in the Company's periodic reports, including forms filed with the SEC.
These statements, and other forward-looking statements, are not guarantees of future performance and involve risks and uncertainties. AtheroNova assumes no obligation to update any of the forward-looking statements in this release.
SOURCE AtheroNova Inc.